North America’s SelectCore, a payment and transaction processor for the prepaid industry, launched its industry-first, patent-pending technology which will allow virtually any merchant nation-wide to become a ReCash agent without having to purchase hardware or invest.

This new technology extends the ReCash network to virtually any merchant with a point-of-sale payment terminal.

Launched this February, ReCash is Canada's first ubiquitous retail cash reload network that offers consumers a convenient and secure way to load cash onto their store-valued accounts such as a prepaid Visa or MasterCard (News - Alert) card. ReCash is a means of converting cash to electronic forms of payment in real-time, according to company officials. The service is similar to Green Dot in the US where it offers consumers a convenient and secure way to load cash onto their reloadable prepaid Visa or MasterCard.

Through this new, patent-pending technology transactions can be processed using existing point-of-sale devices over a traditional debit payment network. Merchants will also benefit from increased foot-traffic and a new, high-margin revenue stream.

"ReCash will become the single-largest retail network of 'branches-and-tellers' for the unbanked consumer market," Ryan Deslippe, president of SelectCore said.

“With the significant influx of prepaid card users across North America, the shift to a cashless society is becoming more and more evident. Consumers want to shop online, pay for gas at the pump, book travel, and soon 'fund their mobile wallets'," Keith McKenzie, chief executive officer of SelectCore added.

The company also expects that it will be able to monetize this proprietary technology and intellectual property through both organic expansion and licensing arrangements globally.

SelectCore claims that its proprietary PrepaidONE technology platform is the backbone of its business. The company has been serving a market of nearly 80 million under banked and credit-challenged consumers through its extensive retail distribution network across Canada and the United States.

SelectCore recently entered into a five-year exclusive distribution agreement for the sale of Iridium MasterCard in over 200 retail locations including Long Distance Phone (News - Alert) Card banner stores in major shopping malls across the Greater Toronto Area. Deployment of the Company's point-of-sale platform and merchandising is expected to commence June 1, 2011.

Meenakshi Shankar is a TMCnet contributor. To read more of her articles, please visit her columnist page.

Edited by Carrie Schmelkin